NGX Gains N306bn as Banking Stocks See Unusual Trade Volume
The equities segment of the Nigerian Exchange (NGX) market capitalisation advanced further midweek following about N306 billion daily gain recorded by alpha seekers in the domestic bourse. A deep insight into the market showed there was a record of unusual trade volumes in banking names.
This is coming as equities investors are taking position ahead of fourth quarter earnings season. Key market indicators grew by +0.78%, according to data from the local exchange. This lifted the year-to-date return above 40% level.
The market’s all-time high record was due to bargain hunting in banking stocks, with sustained unusual volume transactions. Data from the Nigerian Exchange showed that the market index or All-Share Index increased by 558.47 basis points today, representing a rise of +0.78% to close at 71,808.64. Market year-to-date return inched to 40.11%, according to trading results.
Amidst the expectation of the Santa Claus rally, market activities inched higher. Total volume and total value traded increased by +59.15% and +8.88% respectively. Citing data from the exchange, Atlass Portfolios Limited told investors via email that approximately 690.01 million units valued at ₦12,100.60 million were transacted in 8,412 deals.
GTCO was the most traded stock in terms of volume, accounting for 11.12% of the total volume of trades. The bank was followed by UBA (10.81%), FIDELITYBK (9.52%), ACCESSCORP (9.30%), and UNIVINSURE (6.83%) to complete the top 5 on the volume chart.
On account of its size advantage, GTCO was also the most traded stock in value terms, with 25.12% of the total value of trades on the exchange. THOMASWY topped the advancers’ chart on Wednesday with a price appreciation of 9.93 per cent, trailed by FBNH (9.91%), MULTIVERSE (+9.90%), ETI (+9.88%), INFINITY (+9.70%), and twenty-nine others.
Twenty-two stocks depreciated, stockbrokers said in a market note. MANSARD was the top loser, with a price depreciation of -9.9%. GUINEAINS (-9.68%), OANDO (-9.13%), OMATEK (-8.14%), NEIMETH (-6.22%), and TRANSCORP (-1.29%) also dipped in price.
Given the trading pattern, the market breadth closed positive, recording 34 gainers and 22 losers. Nonetheless, the market sector performance was negative, as three of the five major market sectors closed in red. Details showed that the Insurance sector dropped by 2.00%, followed by a 0.11% decline in the Consumer goods sector and the Industrial sector fell by -0.02%.
Today, the Banking sector was up by +5.01% while the Oil & Gas sector closed flat. Overall, the equities market capitalisation surged by ₦305.61 billion to close at ₦39.29 trillion from ₦38.99 trillion yesterday. #NGX Gains N306bn as Banking Stocks See Unusual Trade Volume
